After years of heading mainly up and up, the price of oil has lately
been heading down and down. Conservation and the weakening world
economy have created a continuing supply glut, forcing major oil
producers to lop dollars off their prices in order to attract buyers.

The downward pressure is apparent on the spot market, where relatively
small quantities of oil are traded on a day-to-day basis. The cost of
crude in these sales has often been the most sensitive barometer for
world oil prices. During 1979 and 1980 leaping spot market...